对外直接投资与境内生存扩延:基于中国工业企业数据的实证检验  

Foreign Direct Investment and Domestic Survival Expansion: An Empirical Test Based on China's Industrial Enterprise Data

作　　者：蒋纳 董有德[1] Jiang Na;Dong Youde

机构地区：[1]上海大学经济学院

出　　处：《世界经济研究》2019年第5期107-119,M0004,共14页World Economy Studies

基　　金：国家社会科学基金"我国FTA战略对外贸与经济的影响与研究"(项目编号:13CJY002)的资助

摘　　要：针对中国企业普遍面临的生存时间较短这一现象,文章基于中国工业企业对外直接投资的微观面板数据,综合采用倾向得分匹配和生存分析模型,刻画对外直接投资(OFDI)行为对企业在境内生存的影响效应。通过检验发现,OFDI行为总体上显著降低了企业的市场退出风险,延长了企业的生存时间,而且投资次数与企业的退出风险呈现"正U型"关系;投资于发达国家和技术研发型OFDI的风险抑制作用更强。影响机制检验表明,OFDI通过提升企业生产率、出口密集度和利润率进而降低企业的退出风险,其中利润率机制滞后且占主导作用。进一步的研究显示,OFDI对企业退出风险的抑制作用受异质性企业特征和行业调节。文章揭示了投资开放的新作用,即对外直接投资能有效扩延企业生存时间,丰富了中国对外直接投资外溢效应的研究。In view of the fact that the survival period of Chinese enterprises is relatively short, based on the micro panel data of Chinese industrial enterprises’ FDI, this paper uses the propensity score matching and survival analysis model to describe the impact of outward foreign direct investment ( OFDI) on the survival of enterprises domestic. It is found that OFDI significantly reduces the risk of market exit and prolongs the survival perid of enterprises. Moreover, there is a positive U-shaped relationship between the number of investments and the exit risk of enterprises. Investment in developed countries and technology R&D-based OFDI has stronger risk inhibition effect. The test of impact mechanism shows that OFDI reduces the exit risk of enterprises by improving their productivity, export intensity and profit margin, in which profit margin mechanism lags behind and plays a dominant role. Further research shows that the inhibition of OFDI on exit risk is regulated by heterogeneous enterprise characteristics and industries. This paper reveals the new role of investment openness, that is, OFDI can effectively extend the survival time of enterprises. It enriches the research on the spillover effect of China's outward foreign direct investment.

关 键 词：OFDI 企业生存 异质性 生存分析模型 

分 类 号：F425[经济管理—产业经济] F125